Flutterwave buys Mono to strengthen payments, open banking, and identity services, boosting fintech infrastructure across Africa.
Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million. The move brings together two major fintech infrastructure players as Flutterwave strengthens its payments, data, and identity capabilities.
Under the agreement, Mono will continue operating independently with no changes to its leadership or day-to-day operations. Early investors in Mono reportedly stand to recoup their capital, with some recording returns of up to 20x.
Strategic Benefits of the Deal- Flutterwave said Mono’s platform provides secure financial data access, identity verification, and account-to-account payment servicescapabilities critical as African markets shift toward authenticated, bank-based payment methods.
“Payments, data, and trust cannot exist in silos,” said Flutterwave CEO Olugbenga ‘GB’ Agboola. “Mono has built critical infrastructure in open banking, allowing us to expand possibilities for businesses across Africa while maintaining security and compliance.”
Mono CEO Abdulhamid Hassan added, “This acquisition builds on our existing partnership with Flutterwave, combining our financial data, payments, and identity infrastructure with Flutterwave’s scale and reach.”
Impact on the Ecosystem- Integrating Mono’s open banking APIs will streamline merchant onboarding, enhance verification, reduce fraud, and enable seamless account-to-account payments across African markets. Developers and partners will benefit from a more unified environment, reducing complexity and accelerating product development.
The deal also strengthens Flutterwave’s vertical depth, with potential benefits including higher margins, platform stickiness, and compliance with global security standards such as PCI-DSS and ISO 27001.
Why This Matters- Open banking is emerging as a foundation for Africa’s fintech innovation, enabling trusted data sharing, account-to-account payments, and new financial products. By acquiring Mono, Flutterwave positions itself as a central player in the continent’s shift away from card-based systems toward bank-integrated and alternative payments.
Since its founding in 2020, Mono has processed over 150 billion transactions, served more than 7 million users, and expanded into Kenya and Ghana. The acquisition marks a major step in shaping Africa’s next-generation fintech infrastructure.
